While Boston has long stood as a regional and national life sciences capital, Rhode Island officials and industry leaders believe the Ocean State has what it needs to hold its own against the neighboring biotech giant.
But first, they say, the state needs to fully commit to supporting this sector. Last month, House Speaker K. Joseph Shekarchi proposed the Rhode Island Life Science Hub Act, legislation that would create a quasi-public corporate body and state agency tasked with overseeing life science and biotech development.
The legislation, modeled after a Massachusetts approach, would establish a board of directors drawing from the life science, health care, academic and state government sectors.
Though Shekarchi doesn’t expect that Rhode Island can match Boston’s biotech reputation, he says the Ocean State has numerous assets that can keep a healthy talent stream flowing into the state. And other neighboring communities, such as Worcester, Mass., and Mansfield, Mass., have already demonstrated that it’s possible to build a smaller but thriving life science ecosystem near Boston, Shekarchi says.
“We’re never going to be Harvard Square or Kendall Square, sure,” he said. “But we can be just as good as Worcester, as Mansfield, if not better.”
Carol C. Malysz, executive director of RI Bio business networking and trade group, also wasn’t worried that Boston’s proximity will drain life science talent away from Rhode Island if Shekarchi’s legislation is passed.
“While the Boston/Cambridge area has tended to get the lion’s share of recognition as the premier biopharma hub on the East Coast of the United States, there is no reason that Rhode Island cannot do the same,” Malysz said.
That’s not to say Rhode Island doesn’t have a talent retention issue, she says. The Greater Boston area has factors such as “more-attractive salaries and a vibrant Boston-Cambridge life science community” working in its favor, which “have drawn talent and expertise away from Rhode Island in the past.”
But, she said, “a saturated market, high rents and transportation gridlock in the north are making Rhode Island a more affordable alternative to attract and keep biotech companies and employees in our state.”
With the proposed hub, Malysz is confident R.I. leaders can give the biotech sector the attention it needs.
“The piece of the puzzle Rhode Island has been missing all these years is government investment and a single-purpose government agency to put all of the academic and corporate participants toward a common goal,” she said.
Shekarchi also says that the shift in attention is overdue.
“Quite frankly, I think we’re late to the game,” Shekarchi said. “I wish we had done this a year or two ago.”
But R.I. offers quality of life metrics and a strong network of academic and health care institutions, Shekarchi says, as well as state support. Gov. Daniel J. McKee’s proposed fiscal 2024 budget sets aside $45 million for investment into the life science sector.
And Rhode Island isn’t starting from zero, Malysz said, with “several biotech and life sciences companies small and large” already established in the state, such as Amgen Rhode Island, EpiVax Inc. and High Purity New England Inc., which was recently purchased by a Swedish company.
The relationship between the two metro areas doesn’t have to be all competition, Malysz says, nor has it been – RI Bio and MassBio already collaborate as affiliates of the Biotechnology Innovation Organization.
“Over the past few years, we’ve worked jointly to educate, advocate and provide resources to our life sciences businesses and organizations in the region to help them find talent, access incentives and secure capital to grow and advance the life science industry,” Malysz said.
